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France’s FRR allocates up to €400 million to 3 private equity funds of funds

Fonds de Reserve pour les Retraites, Paris, hired three managers to run between €100 million ($116.7 million) and €400 million total in private equity fund-of-funds allocations, said a spokesman for the pension fund.

The €36 billion pension fund chose Ardian, LGT Capital Partners and SWEN Capital Partners for the allocation, which will be split between the three managers. The spokesman said the exact split will not be disclosed.

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The allocation is new and follows authorization by the French government for a €2 billion unlisted investments program for the long-term financing of the French economy, added the spokesman. The fund launched searches in June 2016 for several service providers across discretionary allocations, said a news release on the fund's website. Each contract runs for a period of 12 years, with the potential for three one-year extensions.